Millionday News 8/10/13
millionday] i would like to start with talking about some things i have brought up and something's that have been asked of me so i want to address the statements i have made
[millionday] first -- we have read in ink that the economic committee has stated the citizens they have begun the actual process of pulling in the three zero currency - and they have also announced that they have updated the restructure of the currency
[millionday] what that means goes along with something else we have read -- that states they are working on changing the prices to reflect 1.16 in country
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[millionday] the step of the restructure has been stated to be the entry of the new currency to reflect the new pricing which common sense tells us that would have to be the lower denoms and nothing else
[millionday] now we have the many laws going into place after the holiday to be monday by what i see and also we have the national meeting to begin directly after Eid to sign the document of peace
[millionday] what that means is the agreement to work together as a share in power and also to work together within the parties to make laws and stand behind the democratic process
[millionday] that is great because we have been told that political security and stability is what had to be done for economic reform to be -- now i have something's to show you that back that up brb
[millionday] smile - this was sent to me -- The dinar was equal to 3.26 dollars, but since 1980, was affected by the fallout from the Iran-Iraq war, then the economic blockade in the early 1990 's, the magnitude of the dinar in Exchange for pumping limited foreign exchange earnings that has led to the deterioration of the price paid to the dollar and other currencies,
after the occupation of Iraq and to allow it to increase its exports of petroleum and the lifting of the ban on its funds frozen the dinar began towards the dollar improved but is still low, is currently around 1160 dinars to the dollar.
[millionday] and this is the best part -- this is from iraq business news
[millionday] In an attempt by the Government to improve the Iraqi currency, intended to delete the three zeros is pricing exchange rate 1.16 against the dollar, the dinar would replace the State budget $ 172 billion dinars, or the equivalent of about $ 150 million, and the Government is preparing to perform this step with the adoption of the "new dinar" requesting an order from the Central Bank to raise its value gradually down to be equal to the dollar.
[millionday] now what that is saying is that the pricing in country for the redenomination will be set at that adjustment in order to change the cost of living and also reflect in the inflation rate
[millionday] we expected this step -- i wish i had brought this yesterday but lets check this out
[millionday] Iraq News Network-the Commission on economy and investment bank entry "parliamentary city Krupp the world" Iraq will support local banks and promote investment in the country.
the Rapporteur of the Committee, said in a press statement, mehma Khalil, "City Bank" of Krupp international banks that have a long history in investment has contributed significantly to the growth of economies being composed of a coalition of banks and has substantial capital than any potential risks to the investment process,
"adding that" there is a strong desire by the Bank Group to enter the city to invest in Iraq, where initial steps begun by opening branches to perform banking transactions, and work will be expanded in the near future investments to various economic sectors in the country.
Heidi] i do believe a whoooop whoop is in order!!!!!!!!!!!!!!!
[millionday] note -- initial steps have begun and as we have said for along time -- we will see many things all together smile
[millionday] he noted that" entry into Iraq will help support local banks that lack the most basic banking technologies by encouraging them to use the International Banking Act, as well as support and development of the national economy and promote investment. "
[rollonjohn] WhoooooooooooooopWhoooooooooop!!! !!!!!!!!!!!!!!!!!!!!!!!!!
[millionday] to use? so it is hard to use something they dont have so there is the answer to that question - the international banking act is being used in Iraq brb with more
[millionday] and let me just say one more thing -- the banks and the isx have and will be closed until monday and our market is closed until monday as well
millionday] so the ones that have said in other places they have updates -- could not due to the fact they are closed just saying brb with more
[Melba] millionday is 116 our rate to
[Royal] Melba no
[larrykn] they said gradually would that be from 1160 or 116
[booboo] the article said 1.16
[piuser64] MD.. "ones that have said in other places they have updates"? who have have said they have what updates? thx
[Royal] booboo 1.16 in country
[cookie2] millionday Central Bank to raise its value gradually down to be equal to the dollar??
[booboo] 1.16 should be for everyone right?
[werblessed] thank you million for the way you brought this it was so easy to understand ..
[booboo] how long is gradually?
[larrykn] I would think so then go up from there
[larrykn] some people say a year to hit the $3+ range
[millionday] i would say not but have been saying that all the time of this investment -- now with this setting of the pricing i would not say that the pricing would be set at the rate for the exchange rate to other countries -- the reason i say that is that many have made it clear -- meaning shabibi and saleh so we shall see
[millionday] this is saying that the least imo would be 1.16 if they do this that way but my opinion is no that they will set the rate to keep theirs from being bought up -- just my opinion
[larrykn] millionday shab is no longer there so things might change because of that
[millionday] we can not say it is 1.16 because this is what is being reflected in pricing so we shall see
[millionday] the plan would not change the plan has been drawn since day one for this to be done as it is being done
[Royal] millionday right the plan stays the same
[millionday] the rate had to be part of that - now the report i brought is saying something very important - the budget to change in its total and they were referring to the 2013 budget
millionday] even if it does come out like that -- the rate would be at a market rate meaning it would be driven and fast just my thoughts on it
[faith1] to improve the Iraqi currency, intended to delete the three zeros is pricing exchange rate 1.16 against the dollar, the dinar would replace the State budget $ 172 billion dinars,
or the equivalent of about $ 150 million, and the Government is preparing to perform this step with the adoption of the "new dinar" requesting an order from the Central Bank to raise its value gradually down to be equal to the dollar....
and the Government is preparing to perform this step with the adoption of the "new dinar" requesting an order from the Central Bank to raise its value gradually down to be equal to the dollar... I say Go CBI... whoo hoo WHHOOOO HOOO
[millionday] we dont know the regulations set by iraq and the US to cash in meaning timeline so that will be addressed and we will know more
[millionday] The words of the Rapporteur of the Committee, MP Khalil mehma, in the presence of members of the Committee on the economy and investment, the Central Bank should start a currency structure as a purely economic issue.
The Attorney said that the Iraqi Constitution between the need to change and delete the currency required by the economic situation of the country, and the public good,
for Parliament and the Government to support the country's economic identity, expecting to witness the coming budgets increase and prosperity after the investment companies to Iraq
[millionday] now as we see here -- the constitution calls for the update we saw yesterday being announced in the restructure of the currency so we know that call is due to compliance
[wmawhite] please let me state something,...........1.16IQD = $0.86
[anonymous1] For. Small portion then let it ride
[millionday] it is not 1.16 in dinar hun it is 1.16$
[SolarKing] wmawhite -.86 dinar = 1.16 USD
[millionday] it equals 1.16$
[wmawhite] 1.16 against the dollar......... oopps
[larrykn] it has to be higher then the dollar to get it off the streets
[anonymous1] Woo hoo and smile
[millionday] the dinar prices in country to equal 1.16$ in dinars
[Royal] just do it already gee
[millionday] smile let me show it again
[wmawhite] millionday ..i will take your word MD
faith1] yes larrykn...Yes!!
[ROBINREDHED] are u sure?
[anonymous1] I Am
PART 2 CONTINUED